Reflex Capital
Reflex Capital is a Prague-based venture capital firm founded in 2012 by Ondřej Fryc, investing growth-stage equity into Central and Eastern European technology startups and having deployed over €150 million across 40+ portfolio companies.
- Company typePrivate
- Founded2012
- HeadquartersPrague, Czechia
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Reflex Capital does
Reflex Capital SE is a privately held Prague-based venture capital firm founded in 2012 by Ondřej Fryc using proceeds from the sale of MALL.cz. The firm provides growth-stage equity financing to Central and Eastern European technology startups, typically requiring portfolio companies to demonstrate monthly revenues exceeding 1 million CZK before investment. Reflex has deployed more than €150 million across 40+ portfolio companies spanning SaaS, e-commerce, logistics, healthtech, fintech, food tech, and proptech, with notable holdings including Productboard, Apify, Keboola, Smartlook, Shopsys, Spaceti, and Rekola.
The firm is structured around a partnership of former operators rather than career financiers. Managing Partner Ondřej Fryc (MALL.cz founder/exit), Eduard Míka (APP Group founder, sold to Ness Technologies), Michal Táborský (former CTO of MALL.cz), Marek Liška (Mall Group executive), Josef Chvojka, and CFO Zdenka Macháčková Šimánková comprise the senior team, with Roman Horáček leading US activities from a San Francisco office. Reflex's stated investment thesis prioritizes founder DNA and personality over sector or business-model fit, distinguishing it from thesis-driven regional funds.
Monetization follows the standard VC model: limited partners commit capital to Reflex-managed funds, the firm takes equity stakes in portfolio companies, and returns are realized through exits — historical exits include Brand Embassy (sold to NICE) and Samepage (sold to Paylocity). The firm generates management fees on committed capital and is eligible for carried interest on profitable exits. Deal sourcing relies on direct founder outreach, network referrals, and a partner-led approach rather than formal inbound channels, with co-investments frequently syndicated alongside other CEE funds such as J&T Ventures, DFF Ventures, Movens Capital, and Fil Rouge Capital.
Reflex Capital firmographics
Firmographics- Name
- Reflex Capital
- Legal name
- Reflex Capital SE
- Website
- https://reflexcapital.com
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Reflex Capital is a Prague-based venture capital firm founded in 2012 by Ondřej Fryc, investing growth-stage equity into Central and Eastern European technology startups and having deployed over €150 million across 40+ portfolio companies.
- Ownership category
- akta.pro rank
Reflex Capital industry classification
Industry- Product category
- Venture Capital
- NAICS
- Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Geography-Focused Venture Capital (Regional/Emerging Markets) (FSANAAAE)
Keywords
Where Reflex Capital is headquartered
LocationHeadquarters
- HQ city
- Prague
- HQ country
- Czechia
- HQ region
- Europe
Offices2 records
Markets served
Reflex Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales
Revenue model
- Investment Returns: Reflex Capital generates returns through equity investments in early and growth-stage startups, primarily in the Czech Republic and Central/Eastern Europe. The firm takes ownership stakes in portfolio companies and exits through acquisitions or IPOs.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Reflex Capital product offering
Product offeringCore offering
Reflex Capital provides growth-stage venture capital financing to technology startups primarily in Central and Eastern Europe, typically investing in companies that have already validated product-market fit with monthly revenues exceeding 1 million CZK. Beyond capital, the firm offers hands-on operational support, mentorship, and Silicon Valley network access through its Prague headquarters and San Francisco office.
Product overview
Reflex Capital is a Prague-based venture capital firm offering investment services to early and growth-stage technology startups in Central and Eastern Europe. The firm provides growth corporate financing (not investing in ideas on paper), typically requiring companies to have monthly revenues above 1 million CZK. They have invested over €150 million across multiple funds and maintain a portfolio of companies spanning various technology sectors including SaaS, e-commerce, logistics, healthtech, fintech, and food tech. The investment approach emphasizes founder qualities over business models, with partners providing hands-on support to portfolio companies.
Differentiator
Problem solved
Functional benefit
Products and services
- Growth-stage Venture Capital Investment Equity financing for early and growth-stage technology startups in Central and Eastern Europe, typically requiring portfolio companies to have monthly revenues above 1 million CZK. Includes operational mentorship and Silicon Valley network access via the San Francisco office. Targeted at founders of SaaS, e-commerce, logistics, healthtech, fintech, and food tech startups.
Companies that use Reflex Capital
Customer profileSegments1 record
Ideal customer profiles1 record
Reflex Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Reflex Capital partnerships and signals
Strategic signalScale indicators2 records
Recent moves5 records
Expansion highlights4 records
Reflex Capital competitors and assessment
Company assessmentDirect peers
- J&T Ventures: J&T Ventures is a Prague-based VC firm investing in CEE startups from seed to Series A, with very similar ticket sizes and stage focus to Reflex Capital. The two firms regularly co-invest in portfolio companies (e.g., Grid.online, Choice), making them the closest direct comparable in the CEE VC landscape.
- Credo Ventures: Credo Ventures is a Prague-based early-stage VC investing in founders from Central Europe, often leading seed and Series A rounds in CEE tech startups. It shares Reflex Capital's geographic focus, stage, and founder-led investment philosophy, making it a primary head-to-head competitor for deal flow.
- Fil Rouge Capital: Fil Rouge Capital is a Prague-based venture capital firm investing in CEE startups across seed and Series A. It co-invested with Reflex in the FaceUp Series A and operates in the same regional ecosystem with comparable ticket sizes and stage focus.
- Czech Founders VC: Czech Founders VC is a Czech fund-of-funds and direct investment vehicle focused on CEE tech. It co-invested alongside Reflex in Merchantee and operates in the same Czech startup ecosystem with overlapping deal sourcing.
- Lighthouse Ventures: Lighthouse Ventures is a Central European VC firm investing in early-stage technology companies, with a regional mandate that overlaps with Reflex Capital's CEE focus. It co-invested with Reflex in the Merchantee seed round, indicating direct competition for similar-stage deals.
- Movens Capital: Movens Capital is a Polish/European VC firm actively investing in CEE tech startups at seed and Series A stages. It co-led the €4M Grid.online seed round with Reflex Capital, making it a regular co-investor and direct regional peer.
- DFF Ventures: DFF Ventures is a Czech/European VC firm investing in early-stage technology companies in Central Europe. It led the €4M Grid.online seed round alongside Reflex, marking it as a frequent co-investor and direct CEE peer with overlapping stage focus.
- Alea Capital Partners: Alea Capital Partners is a CEE-focused private equity and venture capital firm that led the Choice $7.1M Series A in which Reflex participated. It is a direct regional peer operating in the same Czech/CEE startup ecosystem at comparable stages.
Broad incumbents
- Earlybird Venture Capital: Earlybird is one of Europe's largest early-stage VCs, with pan-European reach that includes Central Europe. While broader in mandate, it actively invests in CEE startups and competes with Reflex Capital for later-stage rounds in the region.
- Speedinvest: Speedinvest is a European early-stage VC with multiple sector-focused funds and CEE-relevant deal flow. As a much larger pan-European player, it competes with Reflex Capital for CEE founders seeking larger initial checks and stronger follow-on capacity.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights5 records
Customer concentration
Reflex Capital social profiles
Digital presenceReflex Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Reflex Capital leadership team
Management profileNumber of profiles
Profiles7 records
Reflex Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Reflex Capital M&A and investment
M&A and investmentM&A
Investments82 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Reflex Capital
What does Reflex Capital do?
Reflex Capital provides growth-stage venture capital financing to technology startups primarily in Central and Eastern Europe, typically investing in companies that have already validated product-market fit with monthly revenues exceeding 1 million CZK. Beyond capital, the firm offers hands-on operational support, mentorship, and Silicon Valley network access through its Prague headquarters and San Francisco office.
Is Reflex Capital a public or private company?
Reflex Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Reflex Capital founded?
Reflex Capital was founded in 2012. It employs 1 to 10 people.
Where is Reflex Capital based?
Reflex Capital is headquartered in Prague, Czechia, in the Europe region.
How does Reflex Capital make money?
One revenue line is on record: investment Returns.
Who are Reflex Capital's main competitors?
Direct peers on record are J&T Ventures, Credo Ventures, Fil Rouge Capital, Czech Founders VC, Lighthouse Ventures, Movens Capital, DFF Ventures and Alea Capital Partners. Broad incumbents are Earlybird Venture Capital and Speedinvest.
Does Reflex Capital have an API?
No public API is recorded for Reflex Capital.
What industry is Reflex Capital in?
Reflex Capital's product category is Venture Capital. Its primary akta.pro industry code is FSANAAAE, Geography-Focused Venture Capital (Regional/Emerging Markets). Its NAICS code is 523940 and its SIC code is 6282.